Okla. Stat. tit. 12A § 1-9-516

Current through Laws 2024, c. 453.

Section 1-9-516 - What constitutes filing; effectiveness of filing

(a) Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.

(b) Filing does not occur with respect to a record that a filing office refuses to accept because:

(1) the record is not communicated by a method or medium of communication authorized by the filing office;

(2) an amount equal to or greater than the applicable filing fee is not tendered;

(3) the filing office is unable to index the record because:

(A) in the case of an initial financing statement, the record does not provide a name for the debtor;

(B) in the case of an amendment or correction statement, the record:

(i) does not identify the initial financing statement as required by Section 1-9-512 or 1-9-518 of this title, as applicable; or

(ii) identifies an initial financing statement whose effectiveness has lapsed under Section 1-9-515 of this title;

(C) in the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or

(D) in the case of a record filed or recorded in the filing office described in paragraph (1) of subsection (a) of Section 1-9-501 of this title, the record does not provide a sufficient description of the real property to which it relates;

(4) in the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;

(5) in the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not:

(A) provide a mailing address for the debtor; or

(B) indicate whether the name provided as the name of the debtor is the name of an individual or an organization;

(6) in the case of an assignment reflected in an initial financing statement under paragraph (a) of Section 1-9-514 of this title or an amendment filed under subsection (b) of Section 1-9-514 of this title, the record does not provide a name and mailing address for the assignee; or

(7) in the case of a continuation statement, the record is not filed within the six-month period prescribed by subsection (d) of Section 1-9-515 of this title.

(c) For purposes of subsection (b) of this section:

(1) a record does not provide information if the filing office is unable to read or decipher the information; and

(2) a record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by Section 1-9-512, 1-9-514, or 1-9-518 of this title, is an initial financing statement.

(d) A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b) of this section, is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.

Okla. Stat. tit. 12A, § 1-9-516

Amended by Laws 2015 , c. 374, s. 13, eff. 11/1/2015.

Added by Laws 2000 , SB 1519, c. 371, § 94, eff. 7/1/2001.

Oklahoma Code Comment

Revised section 9-516 is derived in part from former section 9-403(1) , but much of this section is new to Article 9.

Revised section 9-516 differs from former section 9-403 in that the reasons for rejection are specified along with the requirement for the UCC Central Filing Office to reject financing statements that contain these defects. In addition, section 9-516(c) allows the Oklahoma UCC Central Filing Office to reject any financing statement that is unreadable or undecipherable by the filing officer. It should be noted that section 9-520(b) requires the Oklahoma UCC Central Filing Office to state the date and time the financing statement would have been perfected had it not been rejected for the reasons given in this section. Finally, section 9-516(d) provides protection for the secured party in the event the Oklahoma UCC Central Filing Office improperly rejects a financing statement submitted in the proper form and with the tender of the correct fee, except against a purchaser of the collateral who gives value and reasonably relies upon the absence of the record from the Oklahoma UCC Central Filing Office files. If the Oklahoma UCC Central Filing Office accepts a financing statement nevertheless, the financing statement generally is effective if it complies with the requirements of Section 9-502(a) and (b) . See Section 9- 502(c) . Similarly, an otherwise effective financing statement generally remains so even though the information in the financing statement becomes incorrect. See Section 9-507(b) .

It is important to note that a filing which includes incorrect information is treated differently than those instances where information is omitted. In the later situation, the Oklahoma UCC Central Filing Office should reject the financing statement.

Section 9-516 should be read in conjunction with revised sections 9-338, 9-502 , 9-520 and 9-521, among others. Section 9-516 provides protection for secured parties against wrongful or arbitrary rejection of an attempted filing, and section 9-521 provides a model form that helps meet the requirements of section 9-516 . But once a financing statement is accepted for filing, its effectiveness is determined under sections 9-338, 9-502 , and 9-520(c) . See generally Christopher S. Bose, A Trap for the Unwary: Revised UCC Article 9's Deceptive Technical Guillotine for Financing Statements, 55 Consumer Fin. L.Q. Rep. 140 (2001).